One-time charges sent the bottom line $5,628,000 in the red against last year’s profit of $9,343,000 for the first quarter, as net sales dipped 3% to $270,730,000 from $277,715,000. SCVL recorded $5.3 million in charges related to the CEO transition as Cliff Sifford returned in late Feb. on an interim basis, and $8.3 million from the ongoing strategic review of Shoe Station re-banner efforts, including impairment of seven store locations previously tagged for re-bannering and write-offs of fixed assets.

Comps across banners were down 2.1% with declines in all categories, namely adult ... Log in to view full article.